Brookfield Asset Management’s reinsurance branch has agreed to acquire multi-product insurance company American National Group for $5.1bn in cash.
Located in Texas, American National provides its users with a wide variety of life insurance, accident and health insurance, credit insurance, property/casualty insurance, pension plan products and services, retirement annuities and agribusiness and commercial business insurance.
The purchase agreement of American National comes after Reuters reported in May that the company was exploring options such as the sale of the company.
According to Carrier Management, American National shareholders will receive $190 per share in cash following the acquisition, representing a premium of around 10% to the insurer’s closing price last Friday.
Brookfield has revealed that it intends to keep American National’s headquarters in Texas as well as maintaining its operational facilities around the country.
The merger is anticipated to close in the first half of 2022.
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